NF had short covering auction on thursday leaving P profile. 22220 considered as support and below 22170 marked quite weak for a move towards 22060/22020 and below. NF failed to scale 22220 on Friday and stayed below 22170 at open to probe till 22000 via long liquidation auction then bounced to test selling tail then closed below dPOC.
Long liquidation profile.
dPOC skew higher into close due to supply came in at closing hrs as discussed in commentary, which pushed for close below dPOC. Buyers next session not getting open above 22150 could go for test of 22060-22040 if sustains then more liquidation to swipe PDL and below possible. Above 22150 acceptance in selling tail could go for move higher back into Thursday value area.
High volume trend day down then short covering profile clearing trend day ref suggested 2-3 days of overlap/balance possible holding below major res band 22370-22400. NF doing the same and focus next is how good they are able to sustain below 22020..Not able to sustain below could continue this balance further before swing directional move.
For next session, levels wise moving above 22150 could get 22180/22210-22220 if sustains 22260/22290/22325/22360-22370/22410 possible.If fails to sustain below 22000 and moving above 22065 could get 22095/22130-22140. Not able to stay above 22150 and moving below 22120 could get 22080-22070 and weak below that for 22040/22015 if sustains 21965/21930 possible.Below 21920 could move towards 21880-21865/21830-21815/21770-21750/21720/21670-21660.
Weekly :
NF closed as higher value week above two week composite last week.22460 considered as good support to move higher.Below 22460 probe marked till 22270. NF cleared support at start of week itself then travelled down well below 22270 till 22000 then closed at dPOc on double distribution down week. 22370 good extn handle with volume for the week hence staying below 22370-22400 band sideways to downskew auction bias for next week.
22260 immediate res and 22370-22400 Maj resistance. Staying below 22260 looking for probe back to 22060-22040 if sustains 21965-21930 bounce else 21865-21830/21780/21720/21660/21580-21550/21440 possible. Not able to stay below 22000 could bounce back to 22060/22150 if accepts 22220/22260 reject else 22320/22370-22400 reject for rotation down..If accepts 22410 then 22460-22470/22540/22620+ possible.
Monthly :
March started as trending month then had good balance and considered 22200-22300 band as good support for the month..This got broken with volume.22400 now resistance for the month to have rotation down and good extn below 22000 could move towards 21850/21700-21650 and quite weak below that for 21500-21450…If not able to stay below 22000 and rally any means could start above 22150 to get 22250/22350-22400 and moving above 22400 on daily value could easily push higher towards 22540/22650+..
Charts
Daily :
Weekly :
Monthly :
Data :
Notes :
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